Market Expert Predicts Serious Downturn Ahead – Cryptocurrencies at Risk
In the interview with David Lin, Soloway expressed his concern about the recent statements by the Federal Reserve, which indicated that a "slight" recession was expected.
He believes that the Fed’s attempts to downplay the situation may cause investors to underestimate the risk of a more severe downturn.
Soloway argues that smart investors should start preparing for a worse recession than what is being officially acknowledged as part of their risk management strategy.
Regarding the stock market, Soloway predicts a “second half that will be atrocious.” He believes this downturn could spill over into the cryptocurrency market.
Although Soloway remains skeptical about Bitcoin‘s current rally, he sees $30,500 as a crucial psychological level that could signal that the cryptocurrency has bottomed out if held for multiple days.
However, he warns that he still thinks this is a bear market rally and that there are more risks to come in the risk asset market.
At the time of writing Bitcoin is trading at $29,250, down 2.2% in the last 24 hours and 2.5% for the week.
However, it has still managed to hold onto a 3.77% gain on its monthly chart.